Axcelis Technologies (NASDAQ:ACLS) Shares Gap Down - Here's Why

Key Points

• Axcelis Technologies' shares gapped down from a closing price of $83.76 to open at $81.00, eventually trading at $79.43 with significant volume.
• Analysts have revised their target prices for Axcelis, with B. Riley setting it at $75.00 and DA Davidson at $90.00, indicating varying levels of optimism about the stock's prospects.
• In its latest quarterly earnings, Axcelis reported $1.13 EPS, exceeding analyst expectations, despite a 24.2% year-over-year decline in revenue.

Shares of Axcelis Technologies, Inc. (NASDAQ:ACLS - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $83.76, but opened at $81.00. Axcelis Technologies shares last traded at $79.43, with a volume of 65,616 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ACLS shares. B. Riley increased their target price on shares of Axcelis Technologies from $58.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. DA Davidson increased their target price on shares of Axcelis Technologies from $75.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $90.00.

Axcelis Technologies Price Performance

The stock's fifty day moving average price is $72.30 and its two-hundred day moving average price is $61.87. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 16.25 and a beta of 1.58. The company has a current ratio of 6.01, a quick ratio of 4.26 and a debt-to-equity ratio of 0.04.

Axcelis Technologies (NASDAQ:ACLS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.73 by $0.40. Axcelis Technologies had a net margin of 17.69% and a return on equity of 16.26%. The firm had revenue of $194.54 million for the quarter, compared to analyst estimates of $185.15 million. During the same period last year, the business earned $1.55 EPS. Axcelis Technologies's revenue for the quarter was down 24.2% compared to the same quarter last year. Equities research analysts expect that Axcelis Technologies, Inc. will post 2.55 EPS for the current year.

Insider Transactions at Axcelis Technologies

In other news, Director John T. Kurtzweil sold 1,682 shares of Axcelis Technologies stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $61.93, for a total value of $104,166.26. Following the sale, the director owned 35,050 shares of the company's stock, valued at $2,170,646.50. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.48% of the company's stock.

Institutional Trading of Axcelis Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. raised its position in Axcelis Technologies by 45.5% during the second quarter. American Century Companies Inc. now owns 1,659,463 shares of the semiconductor company's stock worth $115,648,000 after acquiring an additional 518,968 shares during the last quarter. BlackBarn Capital Partners LP grew its holdings in Axcelis Technologies by 758.0% in the first quarter. BlackBarn Capital Partners LP now owns 480,441 shares of the semiconductor company's stock valued at $23,864,000 after purchasing an additional 424,444 shares during the period. Reinhart Partners LLC. grew its holdings in Axcelis Technologies by 39.1% in the first quarter. Reinhart Partners LLC. now owns 1,441,022 shares of the semiconductor company's stock valued at $71,576,000 after purchasing an additional 404,910 shares during the period. Voloridge Investment Management LLC grew its stake in Axcelis Technologies by 428.5% during the fourth quarter. Voloridge Investment Management LLC now owns 222,663 shares of the semiconductor company's stock worth $15,557,000 after buying an additional 180,531 shares during the period. Finally, Millennium Management LLC grew its stake in Axcelis Technologies by 148.7% during the fourth quarter. Millennium Management LLC now owns 290,270 shares of the semiconductor company's stock worth $20,281,000 after buying an additional 173,574 shares during the period. Hedge funds and other institutional investors own 89.98% of the company's stock.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.

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